- The firm is now focusing on growing its Web3, DeFi, and NFT market offerings.
- Uniswap Labs is now a $1.66 billion unicorn.
The corporation behind the decentralized cryptocurrency exchange Uniswap, Uniswap Labs, has declared a $1.66 billion valuation after obtaining $165 million in a Series B fundraising round. Polychain Capital acted as the round’s lead investor, while a16z crypto, Paradigm, SV Angel, and Variant were among the participants. The firm is now focusing on growing its Web3, DeFi, and NFT market offerings.
In a series of tweets published on October 13, Uniswap Labs announced that it has secured $165 million in Series B investment with the intention of bringing Uniswap’s signature ease of use to more people across the globe. Uniswap Labs is now a $1.66 billion unicorn.
Investors Faith Despite Crypto Winter
Earlier, Uniswap Labs reported that numerous investors, including Polychain Capital and Singapore’s sovereign fund, had shown interest in participating in its Series A funding round. Current investors such as a16z crypto, Paradigm, SV Angel, and Variant all contributed to the Series B round of fundraising.
In August of 2020, a16z and Paradigm led a Series A investment round that brought Uniswap Labs $11 million in funding. Existing investors’ involvement shows their faith in and dedication to the Uniswap system, even in the face of the crypto crisis.
With Ethereum’s emphasis on decentralization, security, and accessibility in mind, the Uniswap protocol was developed. It has since supported $1.2 trillion in trading activity, controls 64% of all DEX volumes, and is worth approximately $5 billion.
And in the meanwhile, they’re working on expanding their product offerings for the Web3, DeFi, and NFT industries. Its goal is to make its consumers’ lives easier and more secure. Uniswap’s (UNI) share price rose by almost 7% after the company revealed the funding.
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